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USDCHF: continuous rebound or short selling opportunity
2022-08-17
1197
Fundamental analysis:
The US dollar did not change much against a basket of currencies on Tuesday, and investors were waiting for US retail sales data and the minutes of the July meeting released by the Federal Reserve. As the high inflation fever persisted, investors increased their bets that the Federal Reserve would continue to raise interest rates aggressively, and the dollar rebounded from the six week low hit last week.
USDCHF daily chart
Technical analysis:
From the daily chart, the short-term exchange rate continues to rebound slightly. MACD operates under the 0 axis and the volume can continue to shrink slightly under the 0 axis. RSI rebounds slightly. It is expected that the short-term exchange rate will further decline after the rebound correction.
Long and short turning point: 0.9600
Pressing bit: 0.9800 1.0000
Support position: 0.9400 0.9200
Trading strategy: bearish below 0.9600, target 0.9400, 0.9200
Alternative strategy: bullish above 0.9600, target 0.9800, 1.0000
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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